Technology has been the friend of many landlords over the last 10 years because it’s made renting easier and more efficient but, it’s also making it more difficult as well because of renter application fraud, a growing trend that’s on the rise nationwide.
Thanks to social media platforms like X, and TikTok, fraudsters can discover and share the latest strategies and tools that they use to live rent-free.
In this article, we will discuss how scammers are using technology to game the system, and what landlords are doing to stop it.
A Rapidly Changing Scam
Rental application fraud has come a long way in recent years because just a few years ago the average fraudster had to physically alter documents, and those changes were often easy for the trained property manager to spot.
In today’s world, a fraudster can easily use Adobe Photoshop to alter pay stubs, bank statements, and any other documents that they need to alter in order to rent a property.
Some social media platforms make staying on top of the latest rental schemes easy since it’s not uncommon for scammers to share the latest techniques, tricks, and scams that are making it easy for them to beat the system.
Thankfully, landlords are keeping up with the latest developments in rental application fraud by starting their own online communities to alert other landlords about what they should watch out for.
We’re also seeing technology companies start up to combat rental application fraud. One company to watch is Snappt, a fraud detection software platform, which screens documents for landlords and provides them with an answer of authenticity on the documents, before they let a tenant know if they’ve been approved for a rental property.
Property Management Makes Tenant Screening A Breeze
In today’s busy, high-tech world, hiring a property management company makes sense, especially for realtors who are managing their clients’ properties themselves and DIY owners.
A property manager saves owners and managers the time and hassle of tenant screening themselves so that they can focus on doing what they do best, growing their portfolio of investment properties and enjoying passive ROI.
To learn more about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.